IRA Announces New President

New President of the The Illinois Recovery Association (“IRA”) ,Jon Jendral of Done Rite Recovery Service, Inc

The Illinois Recovery Association (“IRA”) would like to announce a change in leadership.  We would like to congratulate, Jon Jendral of Done Rite Recovery Service, Inc. located in Lansing, IL for accepting the role of president of the IRA.  The change became effective beginning in September 2017.  Going forward, Al Janus of Asset Biz Corp. will continue to serve on the Board and will act as past president.

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$11 Gadget Can Relay Hack a Car

HackKey

For years, automakers and hackers have known about a clever attack that spoofs the signal from a wireless car key fob to open a vehicle’s doors, and even drive it away. But even after repeated demonstrations—and real thefts—the technique still works on a number of models. Now a team of Chinese researchers has not only demonstrated the attack again but also made it cheaper and easier than ever.

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High Tech Car Thieves Give a Possible Glimpse of the Future of Repossessions

Two alleged thieves in the UK were caught on camera stealing a Mercedes without even touching the car keys. Police say they did it using technology called “relay boxes.”

West Midland, UK – 28 November 2017 – A pair of alleged thieves were caught on surveillance camera pulling off a high-tech (and high-dollar) crime, police in the UK say. The video shows two suspects approaching a white Mercedes Benz parked in a driveway. One person stands near the car while the other moves closer to the garage, each with a device in hand.

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NY Fed: Auto Loan Delinquencies Rising in the “Sub-Prime” Market

New York, NY – 21 November 2017 – The growth in household debt can be attributed, at least in part, to the growth in auto loan balances, which have increased for 26 consecutive quarters as a result of new loan originations. In the aggregate, there are apprx. $435 billion worth of auto loans outstanding that were made to consumers with a credit score below 660.

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BMW gets it Right on Fees

EDITORIAL

22 November 2017 – In a world of lenders and forwarders so scared of the CFPB and it’s view of personal property fees that they wantonly and with complete disregard to the efforts and labor involved with the process, are requiring repossession agencies to waive all fees associated with it, it is refreshing to see a lender make a business decision that is reasonable and profitable to the agent.

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Thank You from CU Repo and Remarketing Summit 2017. See you at NARS 2018 in April!!

FOR IMMEDIATE RELEASE

10 November 2017 – It was a beautiful day in Cinnaminson, New Jersey as dozens of credit union collections managers and collectors gathered at the Riverton Country Club for the first ever Credit Union Repossession and Remarketing Summit 2017.

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